VLG

VIMC Logistics ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 1.54%, −9.01pp YoY

Price

8,000

Latest close

02 Jun 2026

P/E 17.43x

P/B 0.67x

EPS 459

BVPS 11,886

ROE 3.7%

ROA 2.6%

Profit Margin 1.5%

Asset Turnover 1.71x

Equity Mult. 1.43x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, VLG is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 423bn
	                                
+104.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 6bn
	                                
−70.1%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -2.13x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	373.4	178.8	140.6	225.9	621.3
Growth	+109%	+27%	-38%	-64%	—
Net Income	6.5	28.5	10.0	-22.8	6.4
Net Margin	1.73%	15.95%	7.14%	-10.08%	1.03%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	109.8	105.6	104.9	102.7	60.1	62.3	42.0	42.1	32.5	36.4	36.7	32.5
Growth	+4%	+1%	+2%	+71%	-3%	+48%	-0%	+30%	-11%	-1%	+13%	—
Net Income	1.1	0.8	2.2	2.3	1.1	-3.8	13.9	10.6	7.9	12.7	2.5	-3.1
Net Margin	1.04%	0.78%	2.13%	2.24%	1.86%	-6.12%	33.05%	25.16%	24.23%	34.84%	6.84%	-9.43%

Drivers of VLG's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to the main negative driver. Supporting and offsetting drivers:

Tax ↓ 7.9bn

Gross profit ↑ 5.0bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 1.1bn

Administrative expenses ↑ 0.8bn

Financial income ↓ 0.3bn

Tax ↑ 0.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 13.0% = 10.5% × 0.94 × 1.31

2026Q1 3.7% = 1.5% × 1.71 × 1.43

ROE fell from 13.0% to 3.7% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: 1.5% -9.0pp Asset turnover: 1.71x +0.76x Leverage: 1.43x +0.12x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 1.54%, losing 9.0pp. The main pressure is Gross margin fell 0.9pp, outweighing the improvement in SG&A / Revenue fell 1.7pp (with lingering pressure from Net financial result / Revenue fell 0.7pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 1.54% −9.0pp

Gross Margin 3.19% −0.9pp

SG&A / Revenue 1.71% −1.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 1.48% +0.2pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.63x equity, with a net cash position equivalent to 0.12x equity.

Over the last 12 months, working capital absorbed 16.4bn of cash, mainly because of higher receivables. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −48.5bn

Inventories were broadly stable → neutral CFO: —

Payables increased → higher CFO: +32.1bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables 71.5 days −40.1 days

Inventory — —

Payables 53.9 days −11.0 days

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.12x and interest coverage at 336.17x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.12x —

Interest Coverage 336.17x +303.03x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -2.13x −0.83x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -3.1bn in 2025, against investing cash flow of 23.1bn.

Post-investment cash flow was positive +20.0bn. Financing cash flow was negative +10.2bn.

CFO / net income was -2.13x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 13.8bn +14.4bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 9.0 pp. The next watchpoint is the earnings mix, when non-core contribution is 19.5%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.12x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.12x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 19.5% of PBT and CFO / net income currently at -2.13x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 1.54% after a 9.0pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	373.4	178.8	140.6	225.9	621.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	373.4	178.8	140.6	225.9	621.3
Cost of Goods Sold	361.0	171.6	142.3	228.0	0.0
Gross Profit	12.4	7.3	-1.8	-2.1	12.6
Financial Income	1.9	1.9	2.2	2.7	2.3
Financial Expenses	0.0	0.1	0.1	0.9	-2.7
Interest Expense	—	0.0	0.1	0.8	-2.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	6.4	6.9	5.4	15.7	-4.0
Operating Profit	7.8	2.2	-5.1	-16.1	8.2
Other Income	0.4	35.9	20.9	0.3	0.0
Other Expenses	0.0	0.1	5.7	7.0	0.0
Other Profit	0.4	35.8	15.1	-6.7	-0.5
Profit Before Tax	8.2	38.0	10.0	-22.8	7.7
Current Income Tax Expense	1.7	9.4	0.0	0.0	-1.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	6.5	28.5	10.0	-22.8	6.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	6.5	28.5	10.0	-22.8	6.4
Earnings per Share	457.00	2,014.00	708.00	-1,608.00	452.00
Diluted EPS	457.00	2,014.00	708.00	-1,602.40	450.36

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	210.4	164.8	89.7	89.1	141.1
I. Cash and cash equivalents	32.2	22.3	13.6	14.5	37.8
1. Cash	32.2	17.3	13.6	14.5	0.0
2. Cash equivalents	—	5.0	0.0	0.0	0.0
II. Short-term financial investments	14.0	35.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	14.0	35.0	0.0	0.0	0.0
III. Short-term receivables	155.9	94.2	63.9	64.4	96.0
1. Short-term trade accounts receivable	107.0	72.5	56.4	59.5	0.0
2. Short-term prepayments to suppliers	5.7	1.1	0.5	1.9	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	54.6	33.6	20.5	15.4	0.0
7. Provision for short-term doubtful debts (*)	-11.4	-13.0	-13.6	-12.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	0.0	0.0
1. Inventories	—	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	8.2	13.3	12.2	10.2	7.2
1. Short-term prepayments	0.2	0.2	0.4	0.2	0.0
2. Value added tax to be reclaimed	7.8	13.0	11.6	9.9	0.0
3. Taxes and other receivables from state authorities	0.2	0.0	0.2	0.1	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	62.6	65.0	98.1	109.9	113.5
I. Long-term receivables	11.9	10.1	10.1	10.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	10.1
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	11.9	10.1	10.1	10.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	36.9	40.9	45.7	52.3	59.2
1. Tangible fixed assets	36.9	40.9	45.7	52.3	59.2
- Cost	117.3	121.3	125.2	127.2	0.0
- Accumulated depreciation	-80.3	-80.4	-79.5	-74.9	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1.2	1.2	29.8	35.2	31.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.2	1.2	29.8	35.2	0.0
V. Long-term financial investments	11.4	11.4	11.4	11.4	11.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	11.4	11.4	11.4	11.4	0.0
3. Investments in other entities	1.0	1.0	1.0	1.0	0.0
4. Provision for diminution in value of long-term investments	-1.0	-1.0	-1.0	-1.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.1	1.3	1.1	0.9	0.0
1. Long-term prepayments	1.1	1.3	1.1	0.9	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	1.2
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	272.9	229.8	187.8	199.0	254.5
A. LIABILITIES (300=210+330)	105.1	52.4	39.0	60.3	86.8
I. Short -term liabilities	105.1	52.4	39.0	60.3	86.8
1. Short-term trade accounts payable	92.2	37.4	27.9	26.7	54.3
2. Short-term advances from customers	2.0	0.0	0.4	0.7	0.5
3. Taxes and other payables to state authorities	0.7	4.5	0.1	0.0	0.0
4. Payable to employees	1.5	2.2	0.3	1.8	0.0
5. Short-term acrrued expenses	0.5	1.3	0.2	0.6	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.1	0.0	0.0	0.0
9. Other short-term payables	8.2	6.9	10.2	22.6	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	7.1	14.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.7	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	167.8	177.3	148.8	138.8	167.7
I. Owner's equity	167.8	177.3	148.8	138.8	0.0
1. Owner's capital	142.1	142.1	142.1	142.1	167.7
- Common stock with voting right	142,121,300,000.00	142,121,300,000.00	142,121,300,000.00	142,121,300,000.00	142,121,300,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-500,000,000.00	-500,000,000.00	-500,000,000.00	-500,000,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	19.7	19.7	19.7	19.7	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	6.5	16.0	-12.5	-22.5	6.4
- Accumulated retained earning at the end of the previous period	—	-12.5	-22.5	0.2	0.0
- Undistributed earnings in this period	6.5	28.5	10.0	-22.8	6.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	272.9	229.8	187.8	199.0	254.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	8.2	38.0	10.0	-22.8	7.7
Depreciation of Fixed Assets and Investment Property	4.3	6.2	6.4	7.0	7.8
Provision (Increase)/Reversal	-1.6	-0.6	1.2	10.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	-0.1	-0.1	0.0
Gain/Loss from Investment Activities	-2.2	-37.6	-16.3	-2.4	0.0
Interest Expense	—	0.0	0.1	0.8	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	8.7	5.9	1.3	-7.0	15.8
Increase/(Decrease) in Receivables	-57.1	-30.5	2.0	19.2	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	55.3	3.8	-7.3	-27.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.2	-0.1	-0.4	0.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	-0.1	-0.8	0.0
Corporate Income Tax Paid	-5.5	-4.8	-0.1	-0.4	0.0
Other Operating Receipts	0.1	0.0	0.0	0.0	0.0
Other Operating Payments	-4.7	-0.0	-0.7	-0.4	0.0
Net Cash Flow from Operating Activities	-3.1	-25.6	-5.2	-15.8	38.8
Payments for Fixed Assets and Other Long-term Assets	-0.3	-1.4	-0.0	-0.7	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	72.2	10.0	0.3	0.2
Loans and Purchases of Debt Instruments	-61.0	-40.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	82.0	5.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.0	1.2	1.9	2.1	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	23.1	37.0	12.0	1.7	6.4
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	3.5	22.6	90.8
Repayment of Borrowings	—	0.0	-10.7	-30.0	-119.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-10.2	-2.7	-0.4	-1.8	-4.2
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-10.2	-2.7	-7.6	-9.2	-33.0
Net Cash Flow During the Period	9.9	8.6	-0.9	-23.3	11.0
Cash and Cash Equivalents at Beginning of Period	22.3	13.6	14.5	37.8	25.5
FX Difference from Revaluation	0.1	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	32.2	22.3	13.6	14.5	37.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	109.8	105.6	104.9	102.7	60.1	62.3	42.0	42.1	32.5	36.4	36.7	32.5
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	109.8	105.6	104.9	102.7	60.1	62.3	42.0	42.1	32.5	36.4	36.7	32.5
Cost of Goods Sold	106.3	102.8	101.7	98.7	57.8	60.2	40.2	39.8	31.4	34.7	35.8	34.9
Gross Profit	3.4	2.8	3.2	4.0	2.3	2.1	1.8	2.3	1.1	1.8	0.9	-2.3
Financial Income	0.3	0.3	0.4	0.5	0.6	0.6	0.9	0.2	0.2	0.3	1.6	0.1
Financial Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	2.3	2.0	1.2	1.7	1.6	1.4	1.9	2.3	1.4	2.8	0.8	0.8
Operating Profit	1.4	1.2	2.4	2.8	1.4	1.4	0.8	0.2	-0.1	-0.7	1.7	-3.1
Other Income	—	0.1	0.3	—	0.0	-1.9	16.5	13.1	8.2	19.1	0.8	0.0
Other Expenses	0.0	0.0	0.0	—	—	0.0	0.0	0.1	0.0	5.7	0.0	0.0
Other Profit	-0.0	0.1	0.3	—	0.0	-1.9	16.4	13.1	8.1	13.4	0.8	0.0
Profit Before Tax	1.4	1.3	2.7	2.8	1.4	-0.5	17.2	13.3	8.0	12.7	2.5	-3.1
Current Income Tax Expense	0.3	0.5	0.4	0.5	0.3	3.3	3.3	2.7	0.1	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.1	0.8	2.2	2.3	1.1	-3.8	13.9	10.6	7.9	12.7	2.5	-3.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.1	0.8	2.2	2.3	1.1	-3.8	13.9	10.6	7.9	12.7	2.5	-3.1
Earnings per Share	80.00	58.00	158.00	163.00	79.00	-269.00	980.00	748.00	556.00	896.00	177.00	-217.00
Diluted EPS	80.07	57.99	157.24	162.02	78.53	-268.02	976.32	745.04	553.76	893.30	176.75	-215.95

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	197.8	210.4	225.9	202.9	172.4	164.8	162.3	145.6	108.0	89.7	88.7	86.1
I. Cash and cash equivalents	21.1	32.2	27.8	10.7	14.5	22.3	23.2	25.4	24.5	13.6	8.2	8.5
1. Cash	21.1	32.2	27.8	10.7	11.5	17.3	23.2	25.4	24.5	13.6	8.2	8.5
2. Cash equivalents	—	—	—	—	3.0	5.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	13.0	14.0	14.0	24.0	42.0	35.0	30.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	13.0	14.0	14.0	24.0	42.0	35.0	30.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	152.9	155.9	168.3	153.7	102.2	94.2	95.9	107.2	70.7	63.9	68.8	66.1
1. Short-term trade accounts receivable	97.8	107.0	126.1	117.1	68.0	72.5	61.0	56.9	58.3	56.4	64.8	66.1
2. Short-term prepayments to suppliers	3.3	5.7	3.1	4.2	2.1	1.1	6.1	3.5	0.8	0.5	0.7	0.7
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	63.1	54.6	51.0	45.0	44.8	33.6	42.2	60.4	25.2	20.5	15.2	11.3
7. Provision for short-term doubtful debts (*)	-11.4	-11.4	-11.8	-12.5	-12.6	-13.0	-13.5	-13.6	-13.6	-13.6	-11.9	-12.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	10.8	8.2	15.8	14.5	13.6	13.3	13.2	13.0	12.7	12.2	11.6	11.5
1. Short-term prepayments	0.5	0.2	0.3	0.5	0.5	0.2	0.4	0.5	0.6	0.4	0.3	0.3
2. Value added tax to be reclaimed	10.2	7.8	15.4	13.9	13.1	13.0	12.8	12.5	12.1	11.6	11.2	11.0
3. Taxes and other receivables from state authorities	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.2	0.2	0.2
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	62.0	62.6	63.3	64.6	63.8	65.0	65.1	66.5	94.7	98.1	104.9	106.6
I. Long-term receivables	11.9	11.9	11.9	11.9	10.1	10.1	10.1	10.1	10.1	10.1	10.1	10.1
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	11.9	11.9	11.9	11.9	10.1	10.1	10.1	10.1	10.1	10.1	10.1	10.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	35.9	36.9	37.7	38.8	39.9	40.9	41.1	42.6	44.2	45.7	47.3	48.8
1. Tangible fixed assets	35.9	36.9	37.7	38.8	39.9	40.9	41.1	42.6	44.2	45.7	47.3	48.8
- Cost	117.3	—	—	—	—	121.3	120.5	121.2	125.2	125.2	125.2	125.2
- Accumulated depreciation	-81.4	—	—	—	—	-80.4	-79.4	-78.6	-81.0	-79.5	-77.9	-76.4
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	28.0	29.8	35.2	35.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	28.0	29.8	35.2	35.2
V. Long-term financial investments	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4	11.4
3. Investments in other entities	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
4. Provision for diminution in value of long-term investments	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.6	1.1	1.1	1.3	1.2	1.3	1.3	1.2	1.0	1.1	0.9	1.0
1. Long-term prepayments	1.6	1.1	1.1	1.3	1.2	1.3	1.3	1.2	1.0	1.1	0.9	1.0
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	259.8	272.9	289.2	267.5	236.2	229.8	227.4	212.1	202.6	187.8	193.6	192.7
A. LIABILITIES (300=210+330)	90.9	105.1	122.2	102.8	57.7	52.4	46.2	44.9	46.0	39.0	57.5	59.2
I. Short -term liabilities	90.9	105.1	122.2	102.8	57.7	52.4	46.2	44.9	46.0	39.0	57.5	59.2
1. Short-term trade accounts payable	75.0	92.2	96.0	75.3	45.9	37.4	26.2	28.6	24.5	27.9	34.0	31.4
2. Short-term advances from customers	1.2	2.0	0.2	0.7	1.6	0.0	3.0	3.0	10.4	0.4	4.7	4.5
3. Dividends and profits payable	4.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.3	0.7	1.2	0.7	0.3	4.5	6.3	3.0	0.0	0.1	0.0	0.0
4. Payable to employees	1.5	1.5	1.2	1.0	1.1	2.2	0.9	0.7	1.0	0.3	1.0	1.0
5. Short-term acrrued expenses	3.1	0.5	4.1	5.4	1.6	1.3	0.6	0.4	0.5	0.2	1.5	1.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	5.3	8.2	19.0	18.3	7.2	6.9	9.3	9.2	9.7	10.2	16.2	17.1
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	3.5
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.6	1.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.4
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	168.9	167.8	167.0	164.7	178.4	177.3	181.1	167.3	156.7	148.8	136.1	133.6
I. Owner's equity	168.9	167.8	167.0	164.7	178.4	177.3	181.1	167.3	156.7	148.8	136.1	133.6
1. Owner's capital	142.1	142.1	142.1	142.1	142.1	142.1	142.1	142.1	142.1	142.1	142.1	142.1
- Common stock with voting right	142,121,300,000.00	142,121,300,000.00	142,121,300,000.00	142,121,300,000.00	142,121,300,000.00	142,121,300,000.00	142,121,300,000.00	142,121,300,000.00	142,121,300,000.00	142,121,300,000.00	142,121,300,000.00	142,121,300,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-500,000,000.00	-500,000,000.00	-500,000,000.00	-500,000,000.00	-500,000,000.00	-500,000,000.00	-500,000,000.00	-500,000,000.00	-500,000,000.00	-500,000,000.00	-500,000,000.00	-500,000,000.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	7.6	6.5	5.7	3.4	17.1	16.0	19.8	5.9	-4.6	-12.5	-25.2	-27.7
- Accumulated retained earning at the end of the previous period	6.5	—	—	—	16.0	-12.5	-12.5	-12.5	-12.5	-22.5	-22.5	-22.5
- Undistributed earnings in this period	1.1	6.5	5.7	3.4	1.1	28.5	32.3	18.5	7.9	10.0	-2.7	-5.2
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	259.8	272.9	289.2	267.5	236.2	229.8	227.4	212.1	202.6	187.8	193.6	192.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	1.4	1.3	2.7	2.8	1.4	-0.5	17.2	13.3	8.0	12.7	2.5	-3.1
Depreciation of Fixed Assets and Investment Property	1.1	1.1	1.1	1.1	1.1	1.6	1.5	1.5	1.5	1.5	1.6	1.6
Provision (Increase)/Reversal	—	-0.4	-0.7	-0.1	-0.3	-0.5	-0.1	-0.0	0.0	1.7	-0.1	-0.4
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.0	-0.0	-0.0	-0.0	-0.0	0.0	0.0	-0.0	-0.1	0.0	-0.0
Gain/Loss from Investment Activities	-0.3	-0.3	-0.7	-0.5	-0.7	1.4	-17.3	-13.3	-8.3	-12.7	-2.4	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	2.2	1.6	2.4	3.2	1.5	1.8	1.4	1.5	1.3	3.1	1.6	-1.8
Increase/(Decrease) in Receivables	0.6	20.6	-15.7	-54.0	-8.0	2.4	11.4	-37.1	-7.3	6.6	-1.9	-1.4
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-13.7	-6.1	19.7	32.2	9.5	5.6	-2.1	-7.0	7.2	-12.7	2.4	0.5
Increase/(Decrease) in Prepaid Expenses	-0.7	0.1	0.4	-0.1	-0.1	0.2	-0.1	-0.1	-0.1	-0.3	0.1	-0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.1	-0.0
Corporate Income Tax Paid	-0.7	-0.8	0.0	-0.2	-4.5	-4.8	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.6	-0.7	-3.4	—	0.0	0.0	-0.0	0.0	-0.0	-0.4	-0.2
Net Cash Flow from Operating Activities	-12.4	14.8	6.1	-22.3	-1.6	5.3	10.7	-42.7	1.1	-3.2	1.7	-3.0
Payments for Fixed Assets and Other Long-term Assets	—	-0.3	—	—	—	-1.4	0.0	0.0	0.0	0.0	0.0	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.3	0.0	0.1	0.2	16.6	45.4	10.0	8.9	0.0	0.0
Loans and Purchases of Debt Instruments	-13.0	0.0	-24.0	0.0	-37.0	-10.0	-30.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	14.0	0.0	34.0	18.0	30.0	5.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.4	0.0	0.7	0.6	0.8	0.0	0.6	0.6	0.0	-0.1	1.6	0.3
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	1.4	-0.3	11.0	18.6	-6.1	-6.2	-12.8	46.0	10.0	8.8	1.6	0.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	3.5
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-3.5	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.2	-10.1	-0.0	-0.0	-0.0	-0.0	-0.0	-2.5	-0.2	-0.1	-0.1	-0.1
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.2	-10.1	-0.0	-0.0	-0.0	-0.0	-0.0	-2.5	-0.2	-0.1	-3.7	3.4
Net Cash Flow During the Period	-11.1	4.4	17.0	-3.8	-7.8	-0.9	-2.1	0.8	10.9	5.4	-0.3	0.8
Cash and Cash Equivalents at Beginning of Period	32.2	27.8	10.7	14.5	22.3	13.6	13.6	13.6	13.6	14.5	14.5	14.5
FX Difference from Revaluation	—	0.1	0.0	0.0	0.0	0.1	-0.1	-0.0	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	21.1	32.2	27.8	10.7	14.5	22.3	23.2	25.4	24.5	13.6	8.2	8.5

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VLG

What Is Changing

Drivers of VLG's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▼▼

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ▲

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow